Merger will result in one of the nation’s largest mortgage banks
Full-service mortgage lender Gateway Mortgage Group has announced that it has received approval from the Federal Deposit Insurance Corporation (FDIC) to merge with Farmers Exchange Bank in Cherokee, Okla., to create Gateway First Bank.
Gateway First Bank will be a diversified financial institution with a strong capital base, size, and scale. After closing, Gateway First Bank will be one of the nation’s largest mortgage banks and will expand its suite of banking products, especially mortgage solutions, to its more than 100,000 customers.
“We will build upon two unique, but strong foundations to bring a differentiated type of financial services company to Oklahoma and the communities we serve around the nation,” said Stephen Curry, CEO of Gateway. “The formation of Gateway First Bank will allow for broader consumer and commercial banking services, including mortgages originated through local loan production offices nationwide and full-service banking solutions at banking centers in Oklahoma.”
The merger is expected to close during the first quarter of 2019 and is subject to customary closing conditions.